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Major Chinese Investor Loses Confidence in Paulson’s Bailout Plan
The man who heads up China’s new sovereign wealth fund, Lou Jiwei, startled a lot of people this week with his surprisingly undiplomatic comments about the prospects for his fund pumping more money into cash-starved Western banks. What does it mean?
Lou, speaking in Hong Kong at a conference organized by the Clinton Global Initiative, said managers at China Investment Corp. “don’t have the courage” to invest in Western banks because they don’t know how bad things will get. He also said he had “lost confidence” over the lack of any consistency to measures being taken to fix the banks’ problems. It is pretty clear he was talking about the U.S.’s ever-changing Hank Paulson-led rescue plan.
When a big investor like the $200 billion CIC chooses to publicly disparage the state of Western banks and the efforts to fix them, it is bound to attract some attention. Perhaps it was posturing: if Lou complains loudly enough about the lack of protection for his investments in Morgan Stanley or Blackstone Group–both of which have lost billions of dollars on paper–maybe CIC can get those protections on the next big deal they sign.
Then again, Lou (right) may have merely been speaking his mind. If so, he is articulating what much of the rest of the world already thinks anyway. Does anyone plan to pump billions of dollars into a bank these days that doesn’t own the presses to print the money?
If Lou’s comments were disconcerting to Westerners, they appeared to incense at least some Chinese. At home, many ordinary Chinese believe CIC is squandering the nation’s wealth with its forays into Western finance.
Originally posted by Maya00a
Pretending to fail again? You know what really worries me is that I'm not sure which scenario I prefer - either that we're being manipulated and someone actually has a grip on the situation or that there's no manipulation and everyone in charge is actually clueless as to what to do to fix this mess.
FBI: Copper thieves jeopardize US infrastructure
By Layer 8 on Wed, 12/03/2008 - 10:38am.
The FBI today ratcheted up the clamor to do something more substantive about the monumental growth of copper theft in the US.
In a report issued today the FBI said the rising theft of the metal is threatening the critical infrastructure by targeting electrical substations, cellular towers, telephone land lines, railroads, water wells, construction sites, and vacant homes for lucrative profits.
Copper thefts from these targets have increased since 2006; and they are currently disrupting the flow of electricity, telecommunications, transportation, water supply, heating, and security and emergency services, and present a risk to both public safety and national security.
At least 16 people have been killed and some 70 injured by a bomb blast in the north-western Pakistani city of Peshawar, police say.
The blast happened in a heavily populated area outside a Shia mosque and near the central Kissa Khwani bazaar, local media said.
One official said people were trapped under the rubble.
The motive for the attack, which damaged a number of buildings, was not immediately clear.
Auto execs drive away from Congress empty-handed
WASHINGTON (Reuters) - After a tough two days that saw them pitied, lectured and scolded, America's auto bosses drove away from the U.S. Capitol on Friday uncertain what -- if any -- help they will receive to avoid catastrophic collapse.
Before setting out for home, they were chided like children.
"Please leave. Right now. Go," Democratic Rep. Barney Frank ordered the chief executives of General Motors Corp, Ford Motor Co and Chrysler LLC when they failed to promptly exit as requested after testifying before his panel.
Prepackaged bankruptcy could trigger GM CDS: analyst
NEW YORK (Reuters) - Around $4 billion in payments on credit default swaps protecting General Motors Corp may need to be made if the automaker enters into a prepackaged bankruptcy, though any payments are unlikely to cause widespread losses, Bank of America said on Friday.
They came by sea, on a small skiff, and made their way in the dark through the narrow streets of old Colaba to the six-storey apartment building called Nariman House. There they stayed – an unknown number of mystery gunmen who besieged the building from the inside.
A helicopter flew overhead and everyone looked up – the helicopter made another low, slow pass.
The commandos took an occasional teabreak and told journalists of their accomplishments during a mosque siege in the state of Gujarat.
The number of witnesses grew as the day wore on. They started lining alleyways and crowding rooftops, pouring out of windows and construction sites. They became a crowd. Doubled in size, then doubled again. Goats chewed on rubbish. More time passed. The hostage crisis at the Oberoi continued. Still no news from inside the Nariman.
The rooftop was now getting very crowded. Three men in olive uniforms brought floodlights, adding to the surreal Bollywood-style atmosphere. A gaggle of local strongmen, their white shirts draped over bulbous paunches, busied themselves photographing the commandos with expensive camera phones.
As a gorgeous sunset gave way to the incandescent glow of the streetlight, four army men set up a night vision device the size of a small telescope. They tinkered with the fixtures for 30 minutes. I asked the mustachioed commando what he wanted to do.
He looked at me. "Shoot," he said. "Shoot and finish."
First Georgia Community Bank of Jackson, with four offices southeast of Atlanta, was closed by regulators, becoming the 23rd U.S. bank failure this year amid losses tied to record mortgage delinquencies and foreclosures.
Financing a bankruptcy by General Motors Corp. or Chrysler LLC would cost at least twice as much as the automakers say they need in U.S. government bailout loans, Chrysler and a restructuring expert said.
Chrysler, which said yesterday it hired the Jones Day law firm to review bankruptcy as an option it later rejected, would need $20 billion for bankruptcy financing -- triple its $7 billion loan request -- according to a company report to Congress. A GM bankruptcy would cost $40 billion to $50 billion to finance, Edward Altman, a professor at New York University’s Stern School, told Congress yesterday. GM seeks $18 billion in bailout loans.
“Unfortunately, this traditional loan, even for $18 billion, is inadequate and is destined to fail in the current environment and will likely be followed by additional requests for more rescue funds or a bankruptcy petition,” said Altman. He urged the government to push banks that received other bailout aid to provide needed bankruptcy loans for carmakers.
The Bill & Melinda Gates Foundation accounted for more than half the increase in foundation giving to international causes between 2002 and 2006, said the report, which documents trends in giving based on grants awarded by more than 1,000 of the largest U.S. foundations.
International giving by all foundations rose by more than 50 percent during that time. The Gates Foundation, the nation's largest, contributed $2 billion internationally in 2006, nearly four times the amount it gave in 2002.
If universal access to HIV prevention, treatment, care and support is to be reached by 2015 - the date provided in the Millennium Development Goals (MDGs) – there needs to be a dramatic increase in the level of funding for HIV/AIDS. At the end of 2007, UNAIDS estimated that only 31 percent of people in developing countries in need of treatment were receiving it.
However, donating more money is not enough. Many of the countries where the largest donations are being received are under-resourced and lack the infrastructure to absorb the funding. South Africa, for example, is one of many countries where more money has been allocated for HIV/AIDS efforts, without improving the capacity to spend the money.
Higher-level bodies – those at the top of funding chains – need to take a greater responsibility for the actual implementation of money on the ground. There is a great emphasis amongst the international community on raising money for AIDS, but once that money has been allocated, not enough attention seems to be paid to where it goes.
This is the second Gates Foundation grant since 2007 to support CASI, and it comes at a critical time when the healthcare industry in India is experiencing unprecedented growth in both the private and public sectors.
under the direction of Bill and Melinda Gates and Warren Buffett.
According to the press release the investigation focuses on possible breaches of fiduciary duties to participants in various ways by allowing the investment of Plan assets in Northern Trust common stock when Northern Trust common stock was not a prudent investment for retirement accounts; by misrepresenting the failure to disclose material facts to the participants in connection with the administration of the plan; by failing to exercise their fiduciary duties to the participants solely in the interests of the participants for the exclusive purpose of providing benefits to the participants; and by failing to properly appoint and monitor the Plan’s other fiduciaries.
Rod McCaughey, 56, and his wife, Betsy Irwin-McCaughey, 54, belong to Legatus Manhattan. They belong to St. David the King Parish in West Windsor, N.J., in the Trenton Diocese. McCaughey is the CEO of Residential Lending Services. Irwin-McCaughey is chief operation risk officer of the Federal Reserve Bank.
In light of recent events, with GLP possibly being sold or shutting down in the near future, and some of the trolling that has derailed discussions here, a good number of former GLP, ATS, and Google Finance posters have decided to move on. If you have been following the work of Reinhardt then you will understand the need to keep the discussions on the straight and narrow so that everyone can benefit from this important information. It is too easy to get sidetracked, and we want to stay focused. We have not been able to do that recently, so we are done here.
There is nothing secret in what we have been doing, though we did need to make some decisions on setting up a new, dedicated forum, a chat room, and a few other resources for the benefit of all who are interested in contributing research to this topic. Please be patient, as it takes time to do these things right.
We want to research, learn, grow, and become wise investors without the distractions that inevitably occur in forums. I think we all realize there is something more important at stake here than mere web drama. It is for that reason that we have kept our heads down during the latest unfortunate soap opera /and not gotten involved, whilst we finish the hard work being done behind the scenes. We have no time for innacurate or misleading allegations.
You can join us in the the new forum or chat room and make up your own minds. We won't be offering kool-aid at the door. All we ask in return is that you stick to the importance of the information and work at hand, avoid trollish behavior, respect other members, don't derail threads, and keep any hateful or disturbing behavior out of the discussions. If you can manage that then we have no problem. If you can't follow these simple 'rules of initiation' then you simply are not welcome.
Reinhardt has released the subscription site. We all have the same opportunity to join.
Many of you have been valuable in the search for truth and should be proud of your achievements and new understanding of what is going on behind the King's Curtain.
If you would like to carry on researching with us you are more than welcome. We can by found at the moment by visiting [link to www.rtrradio.com] and clicking on live chat. Just look for justyc, click on her name in the list, choose the option to PM, and say hello in a private message and you will be brought in from there. Please bear in mind that she sleeps occasionally so if you do not hear back right away, leave your email address in a private message and she will get back to you.
Hundreds of you have been in contact with me in the interest of R~~ and his material. Feel free to continue to contact me for any updates and or simply join us at our new stomping grounds, www.wiredpirate.com where we will continue this trek for truth.